May

23

Earlier this year, traders were compensated for enduring declines with further losses. Then after a volatile March, buying or holding declines was rewarded with gains, and even the risk of holding gains was well compensated.

What is the intermediate trend? Now going down again, one question is when we will see a return to decline-momentum, and is there still compensation for betting against it.

A better question is whether the opportunity cost of fighting the beast is ever adequately compensated in the long term.